SK Broadband Co., Ltd. cancelled the acquisition of CJ Hellovision Co., Ltd. from CJ O Shopping Co., Ltd. and others in a reverse merger transaction
July 17, 2016
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SK Broadband Co., Ltd. agreed to acquire CJ Hellovision Co., Ltd. (KOSE:A037560) from CJ O Shopping Co., Ltd. (KOSDAQ:A035760) and others in a reverse merger transaction on November 2, 2015. CJ Hellovision will issue 0.4756554 shares for every share of SK and issue 141.96 million shares as consideration. CJ Hellovision Co., Ltd. will continue to remain as the surviving company and SK Broadband Co., Ltd. will dissolve. On February 12, 2016, the merger ratio was changed to 1:0.4761236 and CJ Hellovision will issue 142.1 million shares as consideration. The transaction is subject to approval by government institutions and shareholders of CJ. The transaction is also subject to approval of Board of SK Broadband and CJ Hellovision meeting for which will be held in the early 2016 and antitrust approval by the FTC. A resolution was passed by the Board of Directors of SK Telecom Co. Ltd. As of November 2, 2015, the scheduled date of general meeting of stockholders is January 26, 2016. The creditors can submit their objections from January 26, 2016 to February 26, 2016. As of January 11, 2016, the general meeting of stockholders is scheduled on February 26, 2016. The creditors can submit their objections from February 29, 2016 to March 29, 2016. The merger date is April 1, 2016 and the scheduled delivery date of new share certificates is April 11, 2016. Korea Fair Trade Commission denied approval for the transaction on July 18, 2016. Samil PricewaterhouseCoopers acted as advisor and rating institution in the deal.
SK Broadband Co., Ltd. cancelled the acquisition of CJ Hellovision Co., Ltd. (KOSE:A037560) from CJ O Shopping Co., Ltd. (KOSDAQ:A035760) and others in a reverse merger transaction on July 18, 2016.
LG HelloVision Corp, formerly CJ Hello Co Ltd, is a Korea-based company principally engaged in the provision of broadcasting and communication services. The Company operates its business through five segments. The Broadcasting segment provides analog and digital cable television (TV) services through Hello TV products. The Value-Added Service segment provides services such as Internet phone, terminal sales and management support for general cable broadcasting business through products such as Hello Phone and Hello Mobile. The Advertisement segment provides local advertisements, home shopping, and data home shopping channel transmission services through Hello TV Woori neighborhood products. The Internet segment provides Internet access and Internet phone service through products such as Hello Internet. The Product Sales segment is engaged in businesses such as mobile virtual network operator (MVNO) wireless telephone terminals sales, business to business (B2B), and rentals.
LG HELLOVISION CORP. 
